515 Pennsylvania Avenue is a large multi-tenant building located at the corner of Commerce Drive and Pennsylvania Avenue, at the gateway to the FWOP. Although it’s located in the existing 100-year floodplain, the property will be in the 25-year floodplain after the dams are built. Despite this status, both the owner, HUB Properties Trust, and the broker, Binswanger, believe that the property is highly valuable and desirable because of its key location at the entrance to the PA Turnpike. The assessed value reflects this notion. The broker reports that the building has not flooded significantly since 2001. He said the first floor of the building has been raised several feet to prevent future flooding. The broker said that it is a commendable effort to move occupants that experience recurring flooding out of the floodplain, and that more detention basins should be constructed throughout the FWOP to handle the flood waters. But in the case of 515 Pennsylvania Avenue, he said the tenants are very happy with the building and location, and each has a long-term lease. As a result, neither the owner nor broker intends to move the tenants.

530 Pennsylvania Avenue Property Description:

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Ownership: MG Washington LLC

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Contact:

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Parcel Size: 8.15 acres

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Building Size: 113,531 square feet

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Current Use: Hotel

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Current Tenants: Hilton Garden Inn

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Assessed Value: $6,481,090

530 Pennsylvania Avenue is the multi-story Hilton Garden Inn hotel. Like its neighbors, the property will be in the 25-year floodplain and considered highly flood-prone after the dams are built. Still, the owner has made significant investments in the property after purchasing it in 1999 because of its key location at the entrance to the PA Turnpike. Since then, several major storms have caused significant flooding at the hotel, particularly the first floor, and guests have had to be evacuated. We were unable to contact a manager at the hotel. However, because of the investments in the property, we are assuming the owner intends to remain at the current location.

535 Pennsylvania Avenue Property Description:

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Ownership: HRPT/HUB Properties Trust

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Contact: Patrick Brady (broker)

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Parcel Size: 1.73 acres

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Building Size: 30,160 square feet

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Current Use: Office

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Current Tenants: Chestnut Hill Hospital, Remax

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Assessed Value: $3,496,000

Located next door to 515 Pennsylvania Avenue, 535 Pennsylvania Avenue will be in the 25-year floodplain and also considered highly flood-prone upon completion of the dams. Notwithstanding, both the owner, HUB Properties Trust, and the broker, Binswanger, believe that the property is highly desirable because of its key location at the entrance to the PA Turnpike and gateway to the FWOP. As with 515, the broker reports that the building has not flooded significantly since 2001. Similarly, the tenants are very happy with